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Jack Dorsey's block launches ProtoMiner, the greatest Bitcoin miner of all time.

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Michael Saylor's strategy continues to gobble up Bitcoin at never-before-seen rates.

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Toxic Bitcoin maxis force U.S. Treasury Secretary Besson to walk back comments made about the

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government not buying Bitcoin. The top 100 Bitcoin treasury companies now collectively own almost

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1 million Bitcoin. Harvard University reveals they own over $100 million in the iBit Bitcoin ETF.

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and the Ethereum co-founder and some British guy compete to see who is retard of the month.

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I'm Walker America, and this is the Bitcoin News Roundup on the Bitcoin podcast.

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Bitcoin projects.

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so

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dudes thanks for joining this is somewhat impromptu um for anybody who is on noster already

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watching thanks for joining and for everybody listening later to this after the fact you should

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check out Noster so you can actually listen to these things live. But we are going to do a news

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roundup of sorts. And we're kind of picking and choosing. We're not going to make it through all

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the news. There's very serious journalists who do a much better job at the news than we ever will,

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like Natalie Brunel. So if you want real news from a real journalist, go check out her show.

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But for what I think our purposes are, we're going to do a little bit of drinking. We're going to do

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a little bit of talking through stuff. And we're just going to have a good old time with it. So I

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think maybe where we where we start off with this is let's since I mean since we're talking about

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about mining already Jack Dorsey his block company just launched the proto miner which is honestly

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pretty sweet so their whole thing is like made in America and I'll pull up I'll pull up their site

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as well just so you guys everyone can see this but it like this thing looks pretty damn cool

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and the fact that they are like actually doing this in America I think is awesome we need more

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of that. Obviously, a huge issue with mining generally is just that there is a huge dependency

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on Chinese manufacturers, which like, sure, it's like worked out kind of, you know, fine for now.

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But that's just like, obviously, you know, kind of a big potential issue. And so now these guys

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are like really doing a great job of decentralizing the mining. I don't know why this isn't loading.

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Maybe their site's getting just slammed right now. Let's see. Let's go back to the old homepage.

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There we go. It's very nicely designed. I'll bring up some other stuff on this, though. But basically,

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as far as I understand it, and maybe you guys have gone deeper into it, but their whole idea

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was like, let's make this thing as modular as possible so that we can not need to completely,

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you know, refab an entire data center when you want to replace your miners. Instead,

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you can just kind of, you know, plug and play with different components, which can be independently

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upgraded. And it's one of those things where it's like, well, yeah, duh, why wasn't that just kind

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of the standard before? But I guess it's one of those things where it's like, nobody does it until

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somebody does it. And now I hope this does kind of become very much a standard here. But from what

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from what Jack said about it, his goal is to make he's already saying, I guess not not his goal,

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but it's that this is going to be the basically greatest miner of all time, greatest Bitcoin

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miner of all time there. You heard it here first from Jack, I should probably like this from the

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old Bitcoin podcast account. I don't know what do you guys think about this? Like, to me, this is a

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super just like, cool development. Like there's all the NGU stuff. And everybody likes the number

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going up but i love to see like jack's been on a roll lately obviously between his his uh you know

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bit chat his son app blocks doing great things personally i love to see this i think it's great

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and the more of the stuff that gets done in america i think the better you know anytime we

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can reduce our reliance on uh foreign frenemies i think that's a good thing but love to hear what

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you guys think as an ee i love this yeah and i think he's on to something i actually used to

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work at black and decker so i used to design like their battery and bluetooth like chart and charger

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systems so it's kind of interesting how how this is going to play out market wise because it's like

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actually sometimes you actually lock you get vendor lock-in benefits from getting people to

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kind of design around your system like that's a big part of you know they'll give away a lot of

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dewalt batteries and other stuff to to kind of achieve that so from like a market perspective

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I'm curious how that plays out.

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And obviously modular design is great.

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It's way less wasteful.

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I can't believe, as you said, I can't believe somebody's not done this yet.

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And then you add in the geopolitics aspect.

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It's like, if you're an American miner, do you really want to potentially introduce a

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backdoor into your system that could leak hash power?

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I'm not saying that actually has happened yet, but the more and more you rely on foreign

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suppliers, the worse it gets.

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having been at black and decker i've seen they've they've stolen so much of our stuff dude they've

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they've done so many weird messed up deals like dealing with foreign contractors is a damn nightmare

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in manufacturing so i think it's awesome like being able to you know just fly into georgia and

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check out the production line it probably has a lot of benefits for american miners so i love to

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see it yeah i think it's sick i think uh you know some people give jack a tough time online for

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you know various parts of his career but and the guy just stays creating cool shit he's the

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definition of an entrepreneur so like you said this and then bit chat like don't doubt him i

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would say that no amen and like again i think this is just reading through some of this like

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you hear right from the top you know with modular hardware and software that simplifies

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proto shares a fresh new take on what mining can be uh so i mean i love to see this and i love that

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they're also open sourcing this whole fleet management side of it. Like that's very much

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in line with, I think Jack's, you know, developer ethos, right? This is a very positive development.

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We want, you know, obviously we're all, we're all Americans. We may be a little bit biased,

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but like, I want to see more of this stuff happening in America. I want more opportunities

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for like actual, you know, not just software to be made here, which we do a lot of, but for

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hardware to be made here. And that's what a lot of the stuff that we have, you know,

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consistently been pushing offshore, pushing offshore, searching for cheaper and cheaper

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labor. And it's like, could they do this elsewhere? Sure, they could. And could they

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do it cheaper? Sure. But like, I think it's a it says a lot about the long term vision of an

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organization, if they're willing to take a bit of a short term hit and kind of do what they believe

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is right by their customers, and let's say by their their country as well. And to make that

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investment in the long term, even if it does maybe isn't quite as sweet for your bottom line in the

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short term. So I love seeing that. And again, they're pointing out here, like we heard during

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our explorations, we heard from mining operators that legacy hardware is not optimized for a lot

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of existing infrastructure. Shoebox machines often leave power unused at the wall, hash rate limited

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by the amount of space a machine can take up on a rack, and upgrading from one generation to the

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next means essentially starting over with entirely new machines. ProtoRig is designed to solve for

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rack space density, get the most out of existing electrical infrastructure, and make upgrades

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extremely easy and efficient. So I think that's, that's sweet. They fit, let's see, fits three

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miners worth of boards in the space of two legacy miners delivering more than 1.5 times the power

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per foot of rack space compared to the most efficient shoebox miners on the market. Like,

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you know, that's great to see. And I hope that we see more of this, like you want as much

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competition in this space as possible. And especially as it comes to like, you know,

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I think a lot of people who are at least deep in the Bitcoin space are aware that

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there's a huge issue with, you know, mining pool centralization, block template creation

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centralization, and also with the, you know, the hardware supply chain vulnerability because of

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its centralization. And it's like, this is at least addressing, you know, one of those also,

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you know, obviously Jack's a supporter of ocean and that kind of addresses one of the other

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components of that. So I don't know. I love to see it. I hope we see more of this and I don't,

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the rigs, like they, they look pretty sweet too. So like anytime you can make like a sexy piece

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of hardware like that just you know you'd rather buy something that looks good than something that

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doesn't and if it works even better like well it's a win-win the iphone effect yeah yeah exactly

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to add to what you're saying about competition i think one part you went over but the fact that

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it's open source uh at the at the fleet management level i think is huge because being in texas you

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meet a lot of miners that's where a lot of the hash rate is even small miners like i was really

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surprised they'll hire a software team to like manage this stuff and you just wonder like is there

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some kind of inefficiency there and also is there going to be a cambrian explosion of new innovation

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there that might actually be the secret weapon that takes it to another level yeah and it's like

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if you have if you're providing you know people are going to be incentivized to to get your rigs

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if like you're providing something that is going to cut down on ultimately like the refab costs of

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these facilities that's huge like if you're you know you need to spend millions and millions of

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to build up a factory to fit a certain spec for the miners that you have.

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And then a couple of years later, you need to upgrade your miners and then upgrade your

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whole facility as well.

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It's like you're basically starting from scratch like that.

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That's that's not an ideal situation.

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You do not want that.

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So I think feel like this like it's not only good just from like a, you know, made in America,

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but it's like just genuinely good from a business perspective.

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Like this is a, you know, people are going to want this.

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And I think that's like you guys ever read the blue ocean strategy.

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No, what's that?

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It's like this idea that a lot of industries, they trend toward a red ocean, which means everyone, like, it's kind of saturated and they end up competing on cost.

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I love how Jack kind of took a whole new approach to this and was like, okay, we'll reemphasize these parts.

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Maybe we'll deemphasize these parts and come together.

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And so it seems like, based on what I've seen, maybe they're not quite as good on jewels per tera hash, but they've attacked other cost centers like the OPEX.

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So less so on the energy side, but more on like the OPEX stuff.

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And you figure like probably next they're going to figure out how can we slam more jewels per terahash through this thing.

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And then, you know, by the second or third generation, they'll be like probably even further ahead on that stuff.

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So like that's kind of an amazing approach to this.

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And I'm really curious to see how it plays out.

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Yeah, Rob Warren had a great thread kind of breaking that down as well.

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Like, well, you know, while everyone has been wrestling over how to squeeze another jewel per tera hash out of the newest generation miner, Proto rebuilt the farm from the machine level up.

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And, you know, it goes, I don't have to drain this thread.

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I can I can link it, link it in the old show notes afterwards for folks who want to.

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But like, you know, he basically breaks down the three largest expenses miners will incur are facility builds and retrofits, electrical costs and machine purchases and maintenance.

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So this is basically, you know, this is addressing a lot of that.

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you run into a serious problem years down the road, machine size, power draw, and footprint

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change. So then you have massive retrofit costs. Like that's not ideal, you know? And especially

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because like mining is such a competitive industry. Like you, like not only do you need to find the

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cheapest electricity you possibly can, it's like, you don't want to be spending extra money

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retrofitting a factory if you don't have to like that, that, that hurts, you know? And so it's like

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these guys, you know, Proto has done something different. They treated the chassis of the machine

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as farm infrastructure and allow you to hot swap boards fans and power supplies as technology

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advances like that to me is like like that's brilliant um and i think that's like really

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kind of a game changer and it just pushes everyone else in the industry to kind of like oh shit like

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look what these guys are doing like this is setting a new standard in my opinion yeah it it and it it

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really reminds me kind of of what elon musk did with with manufacturing he kind of revolutionized

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the manufacturing process for electric cars where no one can still do it.

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And he's gotten such a leg up on everybody from doing it.

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This is kind of similar to that in a bit more Bitcoin mining fashion.

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No doubt.

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Is there anything else we want to cover on that before we jump onto the next one here?

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And again, guys, for anybody listening live to this on Zap.Stream, first of all, hello.

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And we are just figuring this out as we go.

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Maybe actually before we jump into the next one,

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do you guys just want to do like a super quick introduction of yourselves?

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because that just, you know, just so that you're not, you know, talking heads up here.

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Jim, if you want to go for it.

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Okay. Yeah. My name is Jim Carucci. I'm an Austin-based Bitcoiner and entrepreneur. I work

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out of Pleb Lab slash Austin, Bitcoin Park Austin every day. So, you know, deep in the community

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here. And, you know, we were just talking about modular design. I build modular AI systems and

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then I repurpose them and do a bunch of different things such as pull that up, jamie.ai and other

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systems right on yeah um i'm matt mcbride i'm i'm based out of uh kent island maryland you might

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see me on x i've been rucking for a bitcoin job for 19 rucks now i i don't know how many weeks

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it's been but i've been working with with walker behind the scenes he's he's a cool ass dude gave

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me an opportunity to work with him just uh out here out here trying to find my home in the bitcoin

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space and spread the joy of bitcoin to the world that's that's that's my mission i i quit my fiat

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job and I'm all in and ready to rock. I love it guys. And yeah, this was, uh, you know, somewhat,

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uh, somewhat impromptu. I like, I haven't done these new shows in a while and I was doing them

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solo before. And that's just like, not nearly as fun. Nobody wants to hear me talk by myself

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for that long. And that's not why they come here. So like, I think this, uh, this format works

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better as always, like if it can be a way to help, you know, elevate my fellow plebs in any way,

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that is something that I am all about.

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So let's talk about some folks that are definitely not plebs,

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which is our Treasury Secretary, Scott Besant, or Besant.

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I'm still not sure how you pronounce it.

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So basically, for those who, maybe if you're on Nostromi

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and you're not caught up in all the Twitter drama du jour,

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basically, Besant made a comment on Fox yesterday.

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I'll just share the screen, but I won't share the audio here,

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because honestly, I don't know how.

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So I'll just tell you what he said. But essentially, he and this was my very obviously inflammatory tweet that went pseudo viral about this. But he basically was talking about, okay, we're not going to revalue the gold to its current, you know, it's right now valued at like, you know, it's had the same value of like whatever $42 or something like that per ounce for decades. And, you know, they haven't revalued it to kind of, you know, market to the current market price.

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So we're not going to do that. And like he did say about Bitcoin, he was like, this is a, you know, a store of value for the 21st century. And it's like, okay, yeah, that's, that's great. Like store value for the American people for the 21st century. Awesome. Agreed. But then he made a comment saying that the US will not be buying any Bitcoin specifically said it like we won't be buying any of that, but we will continue to confiscate it. And, you know, we have our confiscated Bitcoin already. He says that's about 10 or 15 to $20 billion worth.

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But he said, we're not going to be buying any more of it.

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We'll just keep confiscating.

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And if we do that, we're not going to sell any, which is like fine.

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But the problem is here that this is different than what they said in the executive order,

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which was that they would look for budget neutral ways to acquire more Bitcoin.

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Now, I personally think I believe in the art of pleb peer pressure.

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And so this is where I felt the need to kind of come in and make a really inflammatory tweet

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and, you know, blow it up.

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And a lot of other folks did too.

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And then what was amazing about this is we then saw some capitulation.

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Let me find this here.

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Here we go.

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So he clarified the comment literally like a couple hours later, basically saying that

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Bitcoin that has been finally forfeited to the federal government will be the foundation of the strategic Bitcoin reserve

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that President Donald Trump established in his March executive order.

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In addition, Treasury is committed to exploring budget neutral pathways to expand the reserve and to execute on the president's promise to make the United States the, quote, Bitcoin superpower of the world.

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So like clearly somebody, there was enough backlash to this that somebody at the Trump admin was like, listen, dude, people are pissed because you just said we're not going to be buying any Bitcoin.

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You need to like go back and clarify, you know, that we're still holding to the text of the executive order.

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Like this is still what we doing He did that And I think like it honestly just a it a great example of the fact that like Bitcoiners are very like loud and obnoxious when we see things that are incorrect And we are growing in our political power and influence because our economic power is growing

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And that naturally lends itself to more influence.

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Like to see, you know, it's a good reminder that if you see something that you're like, hmm, you know, that doesn't, that doesn't quite smell right.

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Just make a big stink about it online.

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and politicians tend to pay attention to that because they do not want to deal with a scandal

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of any kind. And so I thought this was a great illustrative lesson in plebs getting together to

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shame our government into sticking to their word. Now, I personally don't give a flying fuck if the

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US government actually buys Bitcoin. Bitcoin doesn't need the US government. The US government

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needs Bitcoin. Bitcoin doesn't need politicians. Politicians need Bitcoin. That being said, again,

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as an American, I know every country in the world is eventually going to buy Bitcoin.

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I would like it if my country did it first.

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So at least, you know, stick to your budget neutral pathways.

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But curious to hear your guys take on this.

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Yeah, lay it on me.

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Yeah, you know, politics is politics, right?

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How many times have they said something and then walked it back two hours later and and

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then they'll walk it back again two days later.

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And it's like, what the hell is going on?

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But like you said, the power of clubs.

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I mean, I do think that people remember that Bitcoiners played a major role in this presidential

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election.

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um and you know just maybe when we when we get loud like that it's it's a little quicker to the

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point now yeah i agree i mean um i like malucker i don't really give a fuck whether or not they buy

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like in a way it'd be kind of funny if they didn't buy like it's funny that some random guy sold 80k

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coins and he has like almost as many as the u.s government like that's pretty insane nuts yeah you

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know it's the largest most powerful government in the world is like poorer than that guy but

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So, you know, it's funny.

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We had we had the privilege of having Angela McArdle come through Pleb Lab the other day.

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And that was kind of that was like the day the storm verdict came down.

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And we were all pretty black billed.

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And she came in and delivered some pretty big white pills, I would say.

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And basically just explaining how much power we have and how like, you know, if we play our cars right, even if we like do it through the Libertarian Party, like we can force pretty serious concessions through the Republicans.

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And that would be massive.

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like if we're just if we're just like a swing vote and we just forced force one party to be

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better that's that's a lot of power like we couldn't imagine that you know 10 years ago

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where we were just getting steamrolled so things are changing for the better in some ways i think

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we got to be vigilant i think we can't just let them you know buddy fuck us and like kind of say

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one thing and do another so that's why what you did is really important but i think it's a big

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white pill that we have a lot of agency here. Yeah. I mean, I think that point of like Bitcoiners

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being a faction that can operate as a really meaningful swing vote and kind of already having

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that proof of concept from the last election, like, you know, I would, Trump may have been

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able to win regardless, but man, Bitcoiners were a big swing in his favor. And I think that that's

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like, that's becoming more apparent to folks on the left. And it would be very wise of them to

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learn from that and to adjust their strategy. We'll see if they actually, you know, they actually do,

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or if they just, you know, double down and keep saying that, you know, Bitcoin and Trump and

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Trump coin are all the same thing. But, you know, it really like it doesn't matter at the end of the

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day. You know, Bitcoin doesn't care. However, it's obviously better to be in a regulatory structure

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where Bitcoiners are respected, where people's right to freely transact and to, you know,

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to do so in a manner that they see fit is respected. And we want more of that. Like what

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I keep saying is like, you'd rather have, you know, a government full of Cynthia Lummuses than

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you would a government full of Elizabeth Warrens. Take it to the extreme. Which one do you want?

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You'd rather have the Cynthia Lummis because they're on your side at least. And so I think

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that we're going to see more and more pandering to Bitcoiners, not just for their campaign

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contributions, but also for obviously their memetic strength. You mentioned also the Roman

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storm verdict. Do you want to talk about that at all? This was obviously like just kind of came

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down, but he got a guilty verdict, right, for conspiracy to operate an unlicensed money

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transmitting business, essentially.

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Like, I mean, which is, I think he got a not guilty count on the conspiracy to like violate

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US sanctions.

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So at least there's that.

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But this is just like one of those, to me, this is one of those examples of like the

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law being so far behind technology, like technology is always going to move faster than the law.

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And clearly, like, this is just kind of a ridiculous, like ridiculous situation where a guy wrote open source software and then is going to be put in jail for writing that because in under weird definitions of existing law, people can be made to believe that he was somehow operating an unlicensed money transmitting business, even though he wasn't.

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I don't know.

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I don't know where you guys are at on that.

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I find it so absurd.

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So when that came, I found out about like I found out that morning about it.

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And what was weird was that Angela came in like that afternoon to just kind of have like an informal meet and greet with a bunch of different Bitcoin entrepreneurs.

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And she had just gotten off the phone with him.

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And she was saying that he's pretty upbeat and that they think they'll probably be able to get him a part in based on that, you know, ways on they have like like knock on what I'm not trying to jinx it or anything.

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But it does seem like that can happen.

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But this goes back to why we need to put pressure on people.

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Like Ross isn't free if we don't put pressure on the Libertarian Party plus a bunch of other people, plus a bunch of people giving money.

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That's really important.

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And I think that case is crazy because it's pretty much a – we thought that Kamala was going to go after the First Amendment, but that's really like a First Amendment violation.

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And in the Bernstein versus U.S. case in the Ninth Circuit in the 90s, that was like the original cypherpunk case that showed that like encryption and software is is speech.

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I think it's a really bad precedent that they're trying to go down this path.

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And I think there's a lot of like rogue DOJ people in there because this goes in direct defiance of the Blanche memo.

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That's the deputy attorney general saying, like, we're not going to we're not going to do legislation by prosecution.

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I mean, at a minimum, I think there has to be a change of culture where it's not like we're just going to arrest you.

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It should at least be a warning shot of like, hey, we suspect that there's messed up stuff happening through your servers.

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Like, at least give them a warning shot to shut it down.

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Like, it's very bad faith, in my opinion, that their first move is to just go seize their servers in Iceland and arrest them.

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Like, that's ridiculous.

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And it was the same treatment, essentially, as with the samurai devs, right?

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Like this is basically, you know, the different cases, obviously, but similar treatment where it's like, it's kind of like, you know, arrest first and ask questions later and, you know, tell them what, you know, what version of the law you're slapping them with in this case.

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These money transmitter laws and all of this entire AML, KYC, Patriot Act regime is just so fundamentally anti-American and anti-freedom.

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And just this presupposition that everyone is a criminal and should be treated as such regardless of the situation.

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I think that, I mean, sadly, most people still don't pay attention to Bitcoin.

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Most people, even more people aren't going to pay attention to these cases, but they're really important.

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and it does set like a pretty dark precedent.

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And I hope, I mean, it'd be great to see pardons issued in these cases.

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You would think that there would be some desire for that from the Trump admin.

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I mean, given that like these are some like last vestiges of that Biden admin

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and kind of that Operation Chokepoint 2.0, you know, like tentacles,

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you know, getting out into every little bit of the, you know, the cryptoverse.

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So I don't know.

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But damn, like it's rough.

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It's rough for these guys.

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I cannot imagine.

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Yeah, people fear what they don't understand.

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It doesn't matter what level they're at. I think we all know the level of education on this stuff for those people is minimal.

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So whether it's from previous administration or not, they don't know what they're doing when it comes to this stuff.

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So naturally, it's going to be us versus them. We'll take it and figure it out later, which is super unfortunate and super sad.

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Yeah. And one thing I want to harp on, I was actually listening to your pod with Gary Walker earlier.

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I was making clips and stuff with pull that up, Jamie.ai.

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But, you know, both of your experiences I thought was interesting on Capitol Hill.

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So like his experience was pretty positive because he was able to hone in on like a problem that she had, which was consumer protection.

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She one of the staff, one of the U.S. senator staffer, you know, had had her debit card stolen or something and had to go through that whole rigmarole.

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So so showing her the lightning network and how great it is that it operates like cash, but you get the convenience of digital like that.

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that's amazing and then you've contrasted with your interaction with dirty dick durbin and you're

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like you're like you know and he was basically conflating bitcoin and crypto and calling you

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guys all scammers and um and and like this is why we need to bully scammers and altcoiners even

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harder make sure that the distinction is even more apparent it's like it's like you know he

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totally shut down the conversation with you over over him like thinking that bitcoin and crypto are

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the same where it's really not even close to the same and like this goes back to like learning

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tools for persuasion how to change your pitch based on who you're talking to like i'm in austin

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i'm frequently behind enemy lines and uh and you know a lot of the time the pitch is like this is

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human rights money like this isn't this isn't like a speculation this is just like a this is us

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fighting for human rights in the digital age and you pitch it that way it's much more palatable to

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people that are more left-leaning obviously the right right-leaning people have a different pitch

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I think Bitcoin is pretty good at that one, but I think people should practice changing the pitch a little bit based on who you're talking to and trying to relate it to real problems they have in their life and also trying to separate Bitcoin from crypto.

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That was one of our biggest takeaways from the day was like, we're not going to get much across these people because they're starting from such a, whether it's staffers or the policy, you know, policymakers themselves, they're starting from such a low level of understanding.

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But if there's one thing you can get across, it's really important to it.

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Bitcoin does not equal crypto.

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Donald Trump's token and Melania's token, those are not Bitcoin.

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They have nothing to do with Bitcoin.

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So if you were saying the orange man bad and look at this crypto Bitcoin token he made,

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it's like, no, no, no, no.

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Like these are separate things.

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This has literally nothing to do with each other.

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But then there's also like the fact that like Dick Durbin's like 83 years old.

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One of the other reps that we talked to, well, we didn't talk to her.

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We talked to one of her senior staffers.

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He literally told us, he's like, listen, she's not going to vote for any pro Bitcoin legislation.

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I'm just telling you that.

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But she's also like, he's like, we were outside the office.

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We were like in the hallway talking about this.

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Like he didn't want to meet with us in the office, which I was like, interesting.

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But he's like, like, she's going to be out soon.

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She's like 85.

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Like, don't like, so there's that at least.

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I was like, okay, well, you know, appreciate your honesty there.

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And it makes you wonder, is there a generational component to this where it's like, even if they lean left, you know, they'll be more with it.

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So they'll at least understand the technology a little bit better.

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And it won't just be like, you know, that what does that mean from the Simpsons where they're like, like I used to be with it.

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And then they changed what it was.

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And now it's scary to me.

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Something like that.

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Like, that's probably how he feels when you bring up anything having to do with computers, let alone Bitcoin.

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Yeah.

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Fun, fun anecdote.

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I was at Sam's Club this morning and my wife and I were talking about how funny it was, how many people still don't pay ahead of time on the app while they're shopping.

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And they just choose to wait in that line no matter how long it is just because they refuse to embrace technology.

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The other thing I was going to say is many moons ago, I interned on Capitol Hill for a congressman.

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Being in the belly of the beast, one thing that I believe is super important when we're talking to policymakers, you really want to orange pill their staff.

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These politicians, they don't read everything.

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Any one of them who says they do are complete liars, which we know is super foreign to politicians.

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Orange pilling the staff is key because a lot of the papers that are written, a lot of the statements to their constituents, a lot of their public statements on news, it's coming from their staffers.

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Their staffers are doing the work.

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And that was the craziest juxtaposition to me was like you've got these 80-some-year-old octogenarian, just like decrepit old politicians.

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And then their staffers are like that one horrible video about like the – I forget.

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it's it's those like zoomer girls who are all in the circle doing that like little like

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dance in things like something something in a mini i don't remember exactly what it is but like that

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that was literally like how i felt walking into all those offices i'm like what is going on here

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like this is who is like actually like writing policy and then just like shipping it up to the

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you know to their great great grandfather for like their signature and like gee what is going

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like no wonder what things are so dysfunctional and nothing real gets done it's like of course not

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Yeah. And you're on the deep blue state. I wonder how it changes. It's like by state.

371
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Yeah. Illinois is maybe not. Well, it's representative of a deep blue state,

372
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but yeah, it's terrible. Okay. I feel dirty talking about it now. Okay. Let's get into next.

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Let's talk about good old Bitcoin treasury companies because there are so many of them now.

374
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You know, so there's been like, there's a lot of gut reactions to these.

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I think a lot of people feel that like, okay, this is, you know, this is somehow the co-option

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of Bitcoin or, you know, it's like, you know, it's, it's paper Bitcoin.

377
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Like this is just, it's going to blow up.

378
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It's, you know, the alt coins of this cycle.

379
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I'm of the opinion that it's like, this is just a natural progression.

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00:30:48,460 --> 00:30:51,499
Like, of course, companies are going to want to hold Bitcoin.

381
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Like just like countries are going to want to hold Bitcoin.

382
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Like this is what happens if Bitcoin is winning.

383
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It doesn't mean you have to, you know, you don't have to like it or you don't have to

384
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buy any of these like but you know it is going to happen and i think also like my my big uh kind of

385
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thing that i try to drill home to people is like man you know you can buy these but like i hope that

386
00:31:12,020 --> 00:31:15,540
your goal if you're buying a bitcoin treasury company's stock if you're buying their equity

387
00:31:15,540 --> 00:31:22,040
your goal is to outperform bitcoin so like if you're not outperforming bitcoin what like if

388
00:31:22,040 --> 00:31:26,980
your goal is not to just accumulate more bitcoin by being a super savvy trader with these and you

389
00:31:26,980 --> 00:31:31,960
know you know buying low and selling high and then converting those fiat proceeds into bitcoin after

390
00:31:31,960 --> 00:31:37,980
paying all the your taxes to the the relevant government's authority then like what what's the

391
00:31:37,980 --> 00:31:41,620
point here so like it's like for the average person if you're not willing to spend a ton of

392
00:31:41,620 --> 00:31:47,940
time like monitoring these things super closely you you should just buy spot bitcoin and take it

393
00:31:47,940 --> 00:31:52,080
into your own self-custody and like you you're going to do great you'll probably still outperform

394
00:31:52,080 --> 00:31:58,440
most people who are trying to trade this stuff like realistically you will 100 i've done this

395
00:31:58,440 --> 00:32:04,360
experimentally i have a roth ira it's tax-free so i can move in and out of these treasury companies

396
00:32:04,360 --> 00:32:10,060
and you know i'll buy some at different points when they drop and i've yet to really outperform

397
00:32:10,060 --> 00:32:17,020
bitcoin i mean i mean maybe a time or two like i got similar scientific super early and i outperformed

398
00:32:17,020 --> 00:32:22,620
it and then it came back down and I'm no longer outperforming Bitcoin. So if you're super good at

399
00:32:22,620 --> 00:32:27,940
it, you know, by all means, do your thing. But as a firsthand experience, I can tell you it's

400
00:32:27,940 --> 00:32:32,420
pretty tough. Yeah. One thing that is interesting here. I'll go ahead, Jim. I was just going to say

401
00:32:32,420 --> 00:32:37,720
like for me, same thing. It's like what it what it all say. It's like, give me two Bitcoin or give

402
00:32:37,720 --> 00:32:42,320
me one Bitcoin. I'll give you two back. Like that is kind of what it is. You might outperform in the

403
00:32:42,320 --> 00:32:47,960
short term i don't think it's gonna outperform in the long run i do think i will say that i think

404
00:32:47,960 --> 00:32:54,259
mstr versus everything else like massive asymmetry they have the first mover advantage and also like

405
00:32:54,259 --> 00:33:01,300
you have a you know aerospace engineer designing like financial instruments to possibly catch you

406
00:33:01,300 --> 00:33:05,460
know soak up some of the wall street casino stuff and the other thing to remember is i think something

407
00:33:05,460 --> 00:33:11,820
crazy like 97 percent of capital is mandated to be in certain types of markets so um i think

408
00:33:11,820 --> 00:33:16,600
sailor is catering to that maybe the others will do the same but it feels kind of like a winner

409
00:33:16,600 --> 00:33:22,480
winner take all if that even plays out at all and once again like you know this is like it's still

410
00:33:22,480 --> 00:33:26,940
cuck bucks like if you if you own these stocks they're cuck bucks like they can be taken from

411
00:33:26,940 --> 00:33:32,360
you it's not like bitcoin where you can just you know store it in your head so i would caution

412
00:33:32,360 --> 00:33:38,520
everyone to get like you know way above like get to at least close to your target of what you want

413
00:33:38,520 --> 00:33:43,360
to have for bitcoin and then start thinking about like if you want to play with a little bit or if

414
00:33:43,360 --> 00:33:49,780
you have stranded fiat in one of your 401ks like be my guest but i'd be very cautious i would treat

415
00:33:49,780 --> 00:33:54,560
it like a shit coin basically yeah and like a lot of them are going to trade exactly like that too

416
00:33:54,560 --> 00:33:58,499
like i think i think your point about strategy is is an important clarification there like obviously

417
00:33:58,499 --> 00:34:17,159
They are developing different types of financial products to address different types of financial markets where there is capital that cannot just go ape into spot Bitcoin Like they don have the capital can go there So like giving that capital a vehicle to get indirect exposure to it that makes a ton of sense And I also think like you know I mean I know a lot of people that are

418
00:34:17,219 --> 00:34:20,899
you know, working on these like, you know, pure play treasury companies, and they're like great

419
00:34:20,899 --> 00:34:25,419
people and hardcore Bitcoiners. And I truly think that like, it is a positive thing that they are

420
00:34:25,419 --> 00:34:30,919
doing. I think Bitcoin treasury companies are good for Bitcoin. Like it's, you know, it certainly

421
00:34:30,919 --> 00:34:36,059
brings a lot more attention to Bitcoin, I think from the like, okay, let me put it this way. Like

422
00:34:36,059 --> 00:34:42,199
you can talk on Bitcoin podcasts ad nauseum about why Bitcoin is great and why you should hold

423
00:34:42,199 --> 00:34:46,819
Bitcoin in self-custody and how this is censorship resistant freedom tech and how, you know, it,

424
00:34:46,819 --> 00:34:51,799
it allows you to opt out of the current system. And like some people care, but like not a ton,

425
00:34:52,139 --> 00:34:56,339
but like you start, you know, you can start a Bitcoin treasury podcast and like, boom,

426
00:34:56,419 --> 00:35:00,679
you will just, you'll blow right up because people want to figure out because most people

427
00:35:00,679 --> 00:35:05,199
are still living in fiat world and they want to get rich in fiat terms. And they're going to do

428
00:35:05,199 --> 00:35:09,739
that by, you know, trading, trading these, you know, Bitcoin treasury companies and options

429
00:35:09,739 --> 00:35:15,059
strategies on top of those and all of that. And so it's just like, you know, it's like the, you

430
00:35:15,059 --> 00:35:19,279
know, that, that meme of like the really, you know, really short line for like Bitcoin at, you

431
00:35:19,279 --> 00:35:22,419
know, whatever, in the depths of the bear market and the really long line for it at a million

432
00:35:22,419 --> 00:35:24,999
dollars. It's kind of like the same thing. It's like, there's a very short line for people who

433
00:35:24,999 --> 00:35:29,659
just won't spot Bitcoin. There's a very long line for people that want, you know, Bitcoin treasury

434
00:35:29,659 --> 00:35:34,219
companies because they think they're like everybody wants to outperform, right? Like everybody wants to

435
00:35:34,219 --> 00:35:38,199
gamble a little bit and try to get a little bit ahead. But if you're not thinking about that in

436
00:35:38,199 --> 00:35:43,519
terms of Bitcoin as your hurdle rate, then like, you know, yeah, you're making fiat gains, but

437
00:35:43,519 --> 00:35:47,099
you're also paying taxes on those fiat gains as you're trading in and out of these vehicles.

438
00:35:47,219 --> 00:35:52,239
And like, if you're not outperforming Bitcoin, what's the point? So like, that's, I think that's

439
00:35:52,239 --> 00:35:55,879
where people need to be really careful. It is pretty amazing to see. I mean, so now let's see,

440
00:35:55,879 --> 00:36:03,899
looking at these, there's over a total of, let's see, 75 Bitcoin held by the top 100 companies that

441
00:36:03,899 --> 00:36:08,439
own Bitcoin. And obviously there's large differences in scale here from strategy with

442
00:36:08,439 --> 00:36:16,579
628,946 down to some that are just holding, you know, 30 Bitcoin. One thing I do want to remark on

443
00:36:16,579 --> 00:36:22,279
that I think is interesting is that Coinbase has started actively accumulating Bitcoin. They had

444
00:36:22,279 --> 00:36:26,939
like a pathetic they had under 10 000 bitcoin as one of the earliest first movers in the industry

445
00:36:26,939 --> 00:36:32,839
which is pathetic they got bumped out of the of the top 10 for for a short time of the top 10

446
00:36:32,839 --> 00:36:37,659
bitcoin treasuries which is insane like your coinbase you've been around forever you literally

447
00:36:37,659 --> 00:36:43,219
sell bitcoin and myriad shit coins but like i think there's like even amongst the shit coiners

448
00:36:43,219 --> 00:36:47,779
there's an acknowledgement that like okay maybe we need to stop playing games here because like

449
00:36:47,779 --> 00:36:52,959
this is a bit of a winner-take-all or winner-take-most game. We're dealing with,

450
00:36:53,139 --> 00:36:57,199
this isn't shitcoin territory. These aren't infinitely printable shitcoins. This is Bitcoin.

451
00:36:57,439 --> 00:37:01,999
I'm like, damn, I guess we got to pay attention to this. So maybe this race helps a lot of those

452
00:37:01,999 --> 00:37:09,199
shitcoin exchanges shape up a little bit and remember the crypto that got them started in

453
00:37:09,199 --> 00:37:13,019
the first place. I don't know. But I think it's funny to see at least Coinbase move back in the

454
00:37:13,019 --> 00:37:17,759
top 10, which again, they should be. They should be top three, but they're not.

455
00:37:17,779 --> 00:37:20,339
I just want to say Coinbase can go fuck themselves.

456
00:37:21,199 --> 00:37:22,459
Yes, that's good.

457
00:37:23,159 --> 00:37:25,699
Yeah, but yeah, I mean, it's funny.

458
00:37:25,799 --> 00:37:30,059
They say like in startups, you want to be you don't you don't want to be a Swiss army knife.

459
00:37:30,139 --> 00:37:30,959
You want to be a knife.

460
00:37:31,179 --> 00:37:33,359
And that's just kind of the mistake they made.

461
00:37:33,439 --> 00:37:38,279
And that's just like typical Silicon Valley, bro, like chasing shiny objects.

462
00:37:38,279 --> 00:37:43,259
I think, you know, even even me, myself and other startup entrepreneurs fall for that.

463
00:37:43,379 --> 00:37:45,799
But it's like, look at fold by contrast.

464
00:37:45,799 --> 00:37:51,239
Like they probably had way less capital to work with and they still out, you know, out stack them.

465
00:37:51,239 --> 00:37:52,439
Like, how is that possible?

466
00:37:52,439 --> 00:37:56,359
And also just want to say, like, you know, Coinbase, you know, what is it?

467
00:37:56,399 --> 00:38:00,139
Brian Armstrong talking about how Bitcoin is a moral imperative while selling Farcoin.

468
00:38:00,379 --> 00:38:02,099
Like, I have to say it again.

469
00:38:02,219 --> 00:38:03,559
Coinbase can go fuck itself.

470
00:38:04,059 --> 00:38:05,059
It is just ridiculous.

471
00:38:05,119 --> 00:38:10,619
Like, you know, the all the orange washing and like him kind of just basically talking to both sides of his mouth.

472
00:38:10,699 --> 00:38:13,119
It's like, oh, yeah, you know, yeah, Bitcoin is a moral imperative.

473
00:38:13,119 --> 00:38:14,799
But like, hey, you know, buy my shit coin.

474
00:38:14,799 --> 00:38:19,659
Like, because that's what I'm making the majority of my fees on is you trading my shit coin.

475
00:38:20,259 --> 00:38:22,079
Not his shit coin, but all of their shit coins.

476
00:38:22,219 --> 00:38:23,139
I mean, I don't know.

477
00:38:23,259 --> 00:38:24,459
Where are you at in this, Matt?

478
00:38:24,619 --> 00:38:26,139
Yeah, I mean, all time fumble, right?

479
00:38:26,259 --> 00:38:27,939
They talk about first mover advantage.

480
00:38:28,219 --> 00:38:31,679
I mean, I think that's really how it shakes out to a winner's take most.

481
00:38:32,159 --> 00:38:36,839
I mean, it seems very obvious if you look at the top five, six, seven, really the top three or four.

482
00:38:37,099 --> 00:38:39,499
That lead is going to be hard to catch.

483
00:38:39,919 --> 00:38:42,179
And a couple of them have the means to do so.

484
00:38:42,179 --> 00:38:45,079
But it's like you mentioned, Bitcoin is the new hurdle rate.

485
00:38:45,439 --> 00:38:49,679
What people don't think about when they hear hurdle rate, they think about just outperforming Bitcoin.

486
00:38:50,039 --> 00:38:55,239
But you also have to think of the time that you're holding other assets to move into Bitcoin.

487
00:38:55,839 --> 00:38:57,739
How much is it going up in that time period?

488
00:38:58,199 --> 00:39:05,119
I mean, if we hit a parabolic, you know, 10K candle, 20K candle, and then we don't come back down, you know, you're stuck with shit.

489
00:39:05,419 --> 00:39:08,119
Yeah. Yeah. It's not a place you want to be stuck.

490
00:39:08,119 --> 00:39:13,739
and like yeah a lot of a lot of people died on the hill of i'll buy back lower like i can think

491
00:39:13,739 --> 00:39:19,819
of one particular guy i know one normie friend i had who had like six million sats he just sold it

492
00:39:19,819 --> 00:39:26,059
before the election he's like i'll buy back lower and i'm like bro what we're at 50k come on yeah

493
00:39:26,059 --> 00:39:32,119
no oh man how how nice it would be to see 58k again though you know that's i i would love the

494
00:39:32,119 --> 00:39:37,159
opportunity to stack some cheap sats i would relish in the pain that 58k would bring uh because

495
00:39:37,159 --> 00:39:44,699
it could be amazing i mean a is the new 58k yeah yeah it's fair enough forever yeah

496
00:39:44,699 --> 00:39:50,739
it is wild though like with strategy and the amount of bitcoin that they have now it's you

497
00:39:50,739 --> 00:39:55,479
know worth something like like uh total value of it now i'm trying to oh let's see let me bring

498
00:39:55,479 --> 00:40:02,759
back up old bitcoin treasuries because that's a is quite a convenient site let's see yeah it is

499
00:40:02,759 --> 00:40:11,259
worth so their average cost it's worth right now is 73.54 billion dollars their average cost is only

500
00:40:11,259 --> 00:40:19,739
a 73 a thousand 288 per coin so like that's i mean that's just pretty like pretty nuts because

501
00:40:19,739 --> 00:40:25,259
especially when you look at like their buys like they've you know sailor buys every top right um

502
00:40:25,259 --> 00:40:29,719
and and it's it's just it's incredible to see also like the fact that their earnings call

503
00:40:29,719 --> 00:40:31,679
just blew everything out.

504
00:40:32,259 --> 00:40:34,779
Like, you know, because of these changes

505
00:40:34,779 --> 00:40:37,219
in these accounting rules now, it's like, wow,

506
00:40:37,439 --> 00:40:39,279
you know, Saylor already looked like a genius,

507
00:40:39,399 --> 00:40:41,039
but now when actually he can, you know,

508
00:40:41,239 --> 00:40:42,619
from a gap accounting standpoint,

509
00:40:42,979 --> 00:40:45,159
report his earnings in such a way like that,

510
00:40:45,519 --> 00:40:47,859
you know, he can actually realize the value of the Bitcoin.

511
00:40:48,059 --> 00:40:50,019
It's like, wow, he looks like even more of a genius,

512
00:40:50,319 --> 00:40:51,419
but we'll see.

513
00:40:51,499 --> 00:40:53,179
I mean, like, it's still just wild.

514
00:40:53,179 --> 00:40:55,659
Cause like, you know, I'll talk to random friends,

515
00:40:55,659 --> 00:40:57,959
like who are pretty, like fairly even tapped in

516
00:40:57,959 --> 00:41:03,079
And still just like people like just haven't even really heard of like most of the stuff that's happening with Bitcoin treasury companies.

517
00:41:03,259 --> 00:41:04,819
Maybe they've heard of micro strategy.

518
00:41:05,019 --> 00:41:07,259
You know, they saw him on Sailor on CNBC or something.

519
00:41:07,359 --> 00:41:12,479
But like it just feels like we're still so early in all of this because retail is definitely not here.

520
00:41:12,499 --> 00:41:18,219
But it's like I heard somebody say like maybe, you know, maybe you don't want retail here yet because when retail is here, that's usually a little toppy.

521
00:41:18,539 --> 00:41:18,959
I don't know.

522
00:41:19,259 --> 00:41:20,259
Maybe this time is different.

523
00:41:20,339 --> 00:41:20,879
Who can say?

524
00:41:20,879 --> 00:41:48,079
Another one I wanted to talk about, you know, buying Bitcoin or buying, you know, Bitcoin instruments. Harvard revealed they have a like 116.66 million dollars worth of IBIT. It's the Harvard endowment. It makes them the 29th largest holder of IBIT, which is like pretty remarkable. I think they, let me see if I can find it here. I think they have more. I'll pull this up on the screen as well.

525
00:41:48,079 --> 00:41:57,119
I think they have more Bitcoin or, you know, they have more iBit, I should say, more iBit than they do like NVIDIA or Google.

526
00:41:57,399 --> 00:41:57,839
Let's see.

527
00:41:59,199 --> 00:42:01,279
I didn't know their position was that big.

528
00:42:01,339 --> 00:42:01,899
That's nuts.

529
00:42:02,099 --> 00:42:03,239
It's massive, right?

530
00:42:03,359 --> 00:42:05,079
So, yeah, the 29th largest holder of iBit.

531
00:42:05,819 --> 00:42:08,059
The university also holds Microsoft Corp.

532
00:42:08,299 --> 00:42:10,119
Shares worth $310 million.

533
00:42:10,259 --> 00:42:10,859
That's a lot.

534
00:42:11,399 --> 00:42:14,039
Amazon worth $234.98 million.

535
00:42:14,199 --> 00:42:17,179
Meta Platforms worth $120.5 million.

536
00:42:17,179 --> 00:42:19,819
Okay, so those are all above their Bitcoin holdings.

537
00:42:19,899 --> 00:42:24,639
But then Alphabet, Google, worth $113.87 million.

538
00:42:25,079 --> 00:42:27,079
India worth $104.4 million.

539
00:42:27,719 --> 00:42:33,799
And SPDR Gold, GLD, shares worth $101.5 million.

540
00:42:34,279 --> 00:42:39,719
So that's wild that Bitcoin is like squarely in the middle of that pack of all those massive names.

541
00:42:39,719 --> 00:42:43,519
But that also makes sense, right?

542
00:42:43,799 --> 00:42:47,079
Because Bitcoin is larger than some of those names.

543
00:42:47,179 --> 00:42:50,639
like your portfolio allocation, if you're one of these endowments, that's a pretty easy

544
00:42:50,639 --> 00:42:55,039
justification to make. Like Bitcoin's the fifth largest asset in the world. How do we not have

545
00:42:55,039 --> 00:42:58,779
some sort of exposure to it? Like, I feel like it's getting to be, it used to be a career risk

546
00:42:58,779 --> 00:43:02,559
to bring up Bitcoin as like, hey, maybe we should, you know, diversify this magic internet money.

547
00:43:02,999 --> 00:43:06,879
Now it's like, you have to answer the question, like, why aren't we in this? Why are we not

548
00:43:06,879 --> 00:43:11,419
getting a piece of the best performing asset in the world? And it's kind of, it's wild to see that

549
00:43:11,419 --> 00:43:16,359
switch. And I think that's, that is going to accelerate as, you know, as numbers go up.

550
00:43:16,359 --> 00:43:22,639
Yeah, and Kathy Wood talks about how it's like the risk-reward values are crazy, and also it's like pretty uncorrelated.

551
00:43:23,039 --> 00:43:28,899
So if you're a Harvard, what are you doing if you're not managing your money by putting some of it into Bitcoin?

552
00:43:29,919 --> 00:43:32,039
Yeah, and I lied, guys.

553
00:43:32,259 --> 00:43:37,559
So it looks like Bitcoin has dropped down from its recent Bitcoin crash.

554
00:43:37,659 --> 00:43:41,759
I don't know if you heard, down to, I guess it's at $116,965.

555
00:43:41,759 --> 00:43:46,699
So that has moved it back below Alphabet and Amazon.

556
00:43:47,059 --> 00:43:49,719
So it's got some work to do, but hey, at least we're still above silver.

557
00:43:50,159 --> 00:43:52,359
So we're still winning there.

558
00:43:53,119 --> 00:43:59,299
We've got quite a ways to go to catch gold at $22.712 trillion.

559
00:43:59,739 --> 00:44:03,159
But I believe we'll be there a lot sooner than most people think.

560
00:44:03,539 --> 00:44:06,899
Yeah, Harvard was probably just tired of looking ignorant on it.

561
00:44:07,139 --> 00:44:08,739
I mean, there's smart people there, obviously.

562
00:44:09,379 --> 00:44:14,399
I'm sure it was very political behind the scenes on why they hadn't gotten into it at that point.

563
00:44:14,599 --> 00:44:21,439
But it reminded me too, I was thinking, how many people who work at the Fed went to Harvard or have ties to that board or anything like that?

564
00:44:21,439 --> 00:44:27,839
I was at a wedding this past spring and I met a guy who worked for the Fed and I was just chatting him up.

565
00:44:28,159 --> 00:44:30,159
And I started talking to him about Bitcoin.

566
00:44:30,599 --> 00:44:33,379
And I shit you not, he knew nothing about Bitcoin.

567
00:44:33,679 --> 00:44:37,839
So I still think there's, you know, we're super early.

568
00:44:37,839 --> 00:44:45,199
I was talking to a guy yesterday about Bitcoin and he was like, yeah, I sold it a while back and now I'm an XRP.

569
00:44:45,539 --> 00:44:48,899
And I just it's it's tough in the streets, man.

570
00:44:49,059 --> 00:44:52,979
I talk to talk to a lot of blue collar people on a regular basis.

571
00:44:53,099 --> 00:44:56,619
I'm from a very rural area and the level of education.

572
00:44:57,039 --> 00:44:58,139
We got time.

573
00:44:58,339 --> 00:44:59,079
I'll put it that way.

574
00:44:59,359 --> 00:45:03,339
It's so it makes me so sick with the XRP scammers done because you got to hand it to them.

575
00:45:03,359 --> 00:45:05,479
They've done a great job with their marketing.

576
00:45:05,479 --> 00:45:05,999
Right.

577
00:45:05,999 --> 00:45:12,539
That like this, you know, and just with a completely like you would think their message would just be disgusting on its face.

578
00:45:12,539 --> 00:45:14,359
Like because it's a banker's coin, right?

579
00:45:14,379 --> 00:45:25,759
Like that's their whole thing is like the only way that they're able to pump their price that, you know, Brad Garlinghouse and all of their the ripple execs can sell off to retail is when they talk about, you know, they tease these new banking partnerships and things.

580
00:45:25,759 --> 00:45:33,559
And XRP is going to be the, you know, the the global, you know, railways for money for the banks and like, you know, help with CBDCs and all this stuff.

581
00:45:33,559 --> 00:45:36,499
And it's like, God, I don't know.

582
00:45:36,499 --> 00:45:38,659
Like how many times do you need to get dumped on by the,

583
00:45:38,659 --> 00:45:42,099
by the ripple founders that run your centralized shit coin to be like,

584
00:45:42,179 --> 00:45:44,799
huh, maybe this isn't such a good thing, but like, I don't know.

585
00:45:44,839 --> 00:45:46,399
I think unit bias is still very real.

586
00:45:46,839 --> 00:45:47,719
I think it's fun.

587
00:45:47,819 --> 00:45:49,939
Like it's on one hand, it's kind of,

588
00:45:49,939 --> 00:45:52,659
it's funny how like they'll tease the bank partnerships.

589
00:45:53,439 --> 00:45:56,639
And then it's like, you know, some subordinate was like, okay, fine.

590
00:45:56,639 --> 00:45:58,439
We'll like put it on our website.

591
00:45:58,439 --> 00:46:01,159
And then the senior people are like, nah, this isn't happening.

592
00:46:01,159 --> 00:46:04,419
Like I remember watching one of their developers crash out about that.

593
00:46:04,459 --> 00:46:05,339
And I thought that was hilarious.

594
00:46:06,059 --> 00:46:06,799
And it's like,

595
00:46:06,899 --> 00:46:07,179
you know,

596
00:46:07,179 --> 00:46:07,699
that was hilarious.

597
00:46:07,699 --> 00:46:08,979
But then it's like on the flip side,

598
00:46:08,999 --> 00:46:09,659
it's kind of sad.

599
00:46:09,959 --> 00:46:14,259
Like I know a lot of blue collar people that are somehow mesmerized by XRP

600
00:46:14,259 --> 00:46:14,699
and you're,

601
00:46:14,979 --> 00:46:16,099
they think they're going to be rich someday.

602
00:46:16,099 --> 00:46:16,699
And you're like,

603
00:46:16,759 --> 00:46:17,019
dude,

604
00:46:17,079 --> 00:46:18,739
like it's not going to happen.

605
00:46:18,859 --> 00:46:19,219
Like,

606
00:46:19,279 --> 00:46:19,739
I don't know.

607
00:46:19,759 --> 00:46:20,099
It's just,

608
00:46:20,099 --> 00:46:23,199
it's really messed up the way they're just like mind fucking people.

609
00:46:23,479 --> 00:46:23,639
Yeah.

610
00:46:23,759 --> 00:46:23,899
It,

611
00:46:23,959 --> 00:46:24,719
it,

612
00:46:24,719 --> 00:46:25,479
it truly is.

613
00:46:25,559 --> 00:46:25,619
And,

614
00:46:25,699 --> 00:46:25,979
but like,

615
00:46:26,019 --> 00:46:26,199
you know,

616
00:46:26,499 --> 00:46:27,279
I don't know.

617
00:46:27,819 --> 00:46:29,159
We can't save everyone.

618
00:46:29,459 --> 00:46:30,459
We can certainly try.

619
00:46:30,459 --> 00:46:35,799
and at least people are getting more exposure to Bitcoin.

620
00:46:35,959 --> 00:46:37,359
One of the other things I wanted to talk about actually

621
00:46:37,359 --> 00:46:39,839
was this Cornell Bitcoin study

622
00:46:39,839 --> 00:46:43,719
because they talk about the top cited reasons

623
00:46:43,719 --> 00:46:45,979
that people don't own Bitcoin.

624
00:46:46,099 --> 00:46:47,319
This was a global study,

625
00:46:47,599 --> 00:46:49,519
but what I thought was particularly interesting

626
00:46:49,519 --> 00:46:52,399
was in the US here,

627
00:46:52,479 --> 00:46:54,659
if you look at the top cited reason,

628
00:46:54,859 --> 00:46:57,159
and this is like the highest reason of any country

629
00:46:57,159 --> 00:46:58,379
in terms of percentage of people

630
00:46:58,379 --> 00:46:59,359
that were allocated to this.

631
00:46:59,359 --> 00:47:01,499
So top-sided reason to never own Bitcoin in a country.

632
00:47:01,839 --> 00:47:08,779
U.S., top reason with the most people of any of these other countries in terms of their categories, citing this, just not interested.

633
00:47:09,259 --> 00:47:11,659
Like, just, I don't know, why don't I own it?

634
00:47:11,819 --> 00:47:13,459
Just not interested.

635
00:47:13,939 --> 00:47:14,719
And I think that that's like...

636
00:47:14,719 --> 00:47:18,239
It's like that meme where he's like, no thanks, I'll just stay poor or something like that.

637
00:47:18,239 --> 00:47:27,439
Well, really, but like, because I think that's the other thing is that people, like, if you're in the United States, like, even when shit's really bad here, you're still better off than like most people, like, than the majority.

638
00:47:27,439 --> 00:47:30,459
like you're still better off than billions and billions of people in the world, right?

639
00:47:30,639 --> 00:47:35,739
So like people in developing countries where they have even worse fiats than the US dollar,

640
00:47:35,919 --> 00:47:38,879
they understand hyperinflation because they've like literally lived it.

641
00:47:38,919 --> 00:47:42,639
So they get why you might want a scarce money or they've gone through like financial repression

642
00:47:42,639 --> 00:47:43,199
and censorship.

643
00:47:43,339 --> 00:47:45,479
So they understand why you might want an uncensorable money.

644
00:47:45,839 --> 00:47:48,819
In the US, it's kind of like, yeah, you know, those things are kind of crazy.

645
00:47:48,839 --> 00:47:53,219
But like you catch the game last night, like there needs to be more pain before people are

646
00:47:53,219 --> 00:47:56,819
willing to like actually become interested in this thing.

647
00:47:56,819 --> 00:48:24,239
So I think you're I think you're on to something. I'm a I'm a big fan of LaserHodl over on Twitter, and he breaks it down like this. Like, basically, there are seasons to the long debt cycles. There's, you know, spring, summer, fall, and now we're in winter. And so up till now, it's like, especially in America, they kind of bribed people in America to like not care about this because overall, like we had a world reserve currency, so we didn't feel it.

648
00:48:24,239 --> 00:48:25,979
And now we're starting to feel it.

649
00:48:25,979 --> 00:48:30,339
Like we're like the first cold snap just started and people are starting to get pissed off.

650
00:48:30,639 --> 00:48:38,879
But, you know, the long cycle, like the basically hiding planetary usury and like they got really good at hiding it.

651
00:48:38,939 --> 00:48:43,759
They did such a good job that nobody in the West noticed until like five years ago.

652
00:48:43,919 --> 00:48:50,019
That's kind of impressive on a level, but it's also like it's scary because it's going to hyperinflate eventually.

653
00:48:50,019 --> 00:48:51,999
Like that seems the path that they're taking.

654
00:48:51,999 --> 00:48:54,259
And as you point out, I can't save everybody.

655
00:48:54,459 --> 00:48:57,759
At least it'll be probably one of the last to hyperinflate.

656
00:48:57,839 --> 00:49:03,459
I mean, I say at least that's such a dark thing to say flippantly because like hyperinflation literally like leads to death and destruction of society.

657
00:49:03,639 --> 00:49:05,739
Like, you know, we didn't do it.

658
00:49:05,819 --> 00:49:08,019
You know, it's not like none of us are responsible for this.

659
00:49:08,059 --> 00:49:10,119
Right. We're doing what we can to get outside of that system.

660
00:49:10,119 --> 00:49:12,859
But like, that's the thing, you know, people talk about the end of the dollar.

661
00:49:12,859 --> 00:49:20,939
But it's like if the dollar is ending, like that means that like probably just about every other fiat currency is already, you know, died a rapid death.

662
00:49:20,939 --> 00:49:36,679
And I think people like discount that a little bit. Like I think it'd be a very odd situation, not that it's impossible, but just the likelihood of it is a lot lower that the, you know, in a vacuum, the US dollar hyperinflates without there being hyperinflation in basically every other fiat currency around the world.

663
00:49:36,679 --> 00:49:41,099
you know and but and the thing is it's like it's such a thin line between like inflation and

664
00:49:41,099 --> 00:49:44,839
hyperinflation you know it's like it's like there's already massive amounts of inflation

665
00:49:44,839 --> 00:49:48,359
it's just we just haven't classified it as hyperinflation yet it's just been a little

666
00:49:48,359 --> 00:49:52,699
bit of theft every year for decades and decades and decades but it's not hyperinflation yet guys

667
00:49:52,699 --> 00:49:56,959
don't worry and it's crazy how there's like we're just gonna we're just gonna fuck you for just a

668
00:49:56,959 --> 00:50:02,879
little bit then we're gonna back off it's not a movie back yeah it's it's crazy how there's like

669
00:50:02,879 --> 00:50:08,459
a generational gradient too it's like you have boomers that kind of benefited from it and then

670
00:50:08,459 --> 00:50:14,099
you have the gen z and al gen alpha are just getting completely wrecked and it's like you

671
00:50:14,099 --> 00:50:18,879
know i don't know yeah it's it's rough and like you know it doesn't help that you've got these

672
00:50:18,879 --> 00:50:23,739
shit coin scammers who are you know pumping people's heads full of nonsense when they should

673
00:50:23,739 --> 00:50:28,559
just be staying humble and stacking sats and that i think actually is a good way to bring us to our

674
00:50:28,559 --> 00:50:30,499
a retard of the week category.

675
00:50:30,959 --> 00:50:31,799
This, I think in the future,

676
00:50:31,859 --> 00:50:32,359
maybe we'll take,

677
00:50:32,459 --> 00:50:33,839
it'd be nice to take submissions

678
00:50:33,839 --> 00:50:35,539
for retard of the week

679
00:50:35,539 --> 00:50:36,479
or retard of the month,

680
00:50:36,539 --> 00:50:36,919
whatever it is.

681
00:50:36,959 --> 00:50:37,879
This first one,

682
00:50:37,999 --> 00:50:39,719
we'll just say it's for retard of the week.

683
00:50:40,019 --> 00:50:43,619
But my, I think the one that I'm really going with here

684
00:50:43,619 --> 00:50:46,319
is it's both like retard and scammer of the week.

685
00:50:46,559 --> 00:50:49,119
But Joe Lubin, co-founder of Ethereum,

686
00:50:49,319 --> 00:50:50,499
basically saying that

687
00:50:50,499 --> 00:50:52,579
the Ethereum treasury companies

688
00:50:52,579 --> 00:50:54,679
are going to push Ethereum

689
00:50:54,679 --> 00:50:57,199
past Bitcoin in market value,

690
00:50:57,199 --> 00:50:59,099
Probably possibly within a year.

691
00:50:59,099 --> 00:51:03,779
And like this, like you would think that this flippening narrative would be dead.

692
00:51:03,839 --> 00:51:18,719
Like if you look at the ETH BTC chart like it is on a one way ticket to zero town But these damn like like this guy has the gall to come out here to to print uh oh and i like infinity scrolling the screen he has the gall to come out here and print

693
00:51:18,719 --> 00:51:25,359
tokens out of out of thin air and you know sell them in a you know massive uh pre-mine and then

694
00:51:25,359 --> 00:51:31,939
to come and say that you know like our little centralized ethereum corporation coin is going

695
00:51:31,939 --> 00:51:36,879
to flip Bitcoin. And it's like, it's just like, no, it's not like, okay, is that is there a 0%

696
00:51:36,879 --> 00:51:40,379
chance? Maybe not zero, like there's like, you know, that's a hard thing to say. But I'd put

697
00:51:40,379 --> 00:51:45,799
the chance it's so infinitesimal, that like, it is ludicrous to even speak about it in a serious

698
00:51:45,799 --> 00:51:49,499
way or to give airtime to these kind of people. And yet, this is what they do all the time.

699
00:51:49,639 --> 00:51:54,839
It's always the narrative of like, this is, you know, like, the next Bitcoin, you know,

700
00:51:54,879 --> 00:51:59,219
this is the faster, better, stronger Bitcoin. This is the world computer. This is, you know,

701
00:51:59,219 --> 00:52:01,959
the flipping narrative was so huge when ETH went through,

702
00:52:02,039 --> 00:52:04,539
I don't remember if it was the merge or the purge or whatever turned it,

703
00:52:04,859 --> 00:52:08,579
where they're like, now ETH is ultrasound money, Bitcoin sound money.

704
00:52:08,779 --> 00:52:12,579
But ETH is like, is ultrasound money because it's deflationary.

705
00:52:12,679 --> 00:52:15,259
And then it's like, it was like deflationary for like a little while,

706
00:52:15,259 --> 00:52:17,619
then just like got back up to their previous issuance schedule.

707
00:52:17,799 --> 00:52:21,199
And all you have to do to like answer this question of like, okay,

708
00:52:21,199 --> 00:52:24,319
if you're a, you know, if you're evaluating Bitcoin versus Ethereum,

709
00:52:24,399 --> 00:52:28,179
it's like, tell me what fundamentals of Ethereum are unchangeable.

710
00:52:28,179 --> 00:52:33,039
like can you tell me the supply cap of ethereum like a heart no because it doesn't doesn't exist

711
00:52:33,039 --> 00:52:37,979
like can you tell me that uh that the roadmap uh that you know the roadmap basically with with

712
00:52:37,979 --> 00:52:42,279
certainty well the fact that even has a giant roadmap that is super convoluted and basically

713
00:52:42,279 --> 00:52:47,359
is controlled by one person one foundation it's all just so patently absurd and so this is why i

714
00:52:47,359 --> 00:52:53,659
nominate joe lubin co-founder of ethereum as retarded we just talk about body language for a

715
00:52:53,659 --> 00:52:57,939
second like yeah like dude look at him he doesn't even believe himself dude he looks like a little

716
00:52:57,939 --> 00:52:59,539
I'll bring it back up.

717
00:53:00,059 --> 00:53:00,779
I'll bring it back up.

718
00:53:02,179 --> 00:53:02,699
It is.

719
00:53:02,799 --> 00:53:06,499
We either draw like, you know, the memes are like they draw the lines and stuff.

720
00:53:06,599 --> 00:53:07,319
Like, look at his body.

721
00:53:07,499 --> 00:53:14,099
It was just like the shoulders are kind of like it's kind of like little and in like, you know, he's not standing proud up there.

722
00:53:14,099 --> 00:53:19,379
I mean, maybe that's just how like if you're a shit coin salesman for so long, your body just takes that shape all the time.

723
00:53:19,499 --> 00:53:19,959
I don't know.

724
00:53:20,339 --> 00:53:21,319
I can't say.

725
00:53:21,599 --> 00:53:22,599
They're not sending their best.

726
00:53:22,679 --> 00:53:23,859
They need a better salesman.

727
00:53:23,999 --> 00:53:24,559
Holy shit.

728
00:53:24,779 --> 00:53:25,919
Speaking of better salesman.

729
00:53:25,939 --> 00:53:27,439
I would love to see a body language expert.

730
00:53:27,939 --> 00:53:34,199
analyze this and i can guarantee that the the bullshit meter is ringing look at just just

731
00:53:34,199 --> 00:53:37,819
slouching like you just you'd look like a weak idiot when you slouch i want to give a shout out

732
00:53:37,819 --> 00:53:41,979
by the way to ben justman of peony lane wine i am a better salesman than joe lubin because i'm not

733
00:53:41,979 --> 00:53:46,719
selling you guys shit coins but i did receive free wine from ben justman i am i'm shilling it

734
00:53:46,719 --> 00:53:51,799
i received no monetary value from ben this is just a pure value for vino exchange and i think

735
00:53:51,799 --> 00:53:56,899
it's my favorite sponsorship ever you guys um so and ben justman's just a super based and awesome

736
00:53:56,899 --> 00:54:00,719
dude. And he is certainly not the retard of the week because he's out there producing actual

737
00:54:00,719 --> 00:54:06,739
things of value instead of finding ways to trick retail into buying a shit coin. Like, dear God.

738
00:54:07,179 --> 00:54:12,339
But okay, are there any other retards that we really want to highlight?

739
00:54:12,679 --> 00:54:17,559
I feel pretty unprepared. Maybe it's the illegal immigrants that went on social security.

740
00:54:18,079 --> 00:54:19,339
I feel like that's pretty retarded.

741
00:54:19,539 --> 00:54:25,379
Many such cases, unfortunately. Many such cases. But I think we haven't really defined

742
00:54:25,379 --> 00:54:28,519
And I might not need to define this category a little bit better.

743
00:54:28,799 --> 00:54:34,659
But yeah, the goal here is, I mean, okay, the other one that we had that we brought up was good old Gary's Economics.

744
00:54:34,979 --> 00:54:36,619
You know, the UK guy?

745
00:54:37,479 --> 00:54:37,839
Yeah.

746
00:54:38,139 --> 00:54:39,679
I'll see if I can bring him up.

747
00:54:39,679 --> 00:54:40,859
That guy just seems like a psyop.

748
00:54:40,999 --> 00:54:45,659
Like, he just seems like he just got done ripping pipes out of the wall to sell for crack.

749
00:54:45,799 --> 00:54:49,739
And now he's like, you know, he's a chav going to tell you how to live your life.

750
00:54:49,739 --> 00:54:55,319
And on top of the body language discussion, this dude's body language is abysmal.

751
00:54:55,639 --> 00:54:58,419
I mean, he's usually like something like this.

752
00:54:59,339 --> 00:55:03,739
And he always looks like he needs a shower for whatever reason.

753
00:55:04,099 --> 00:55:07,359
And he probably does need a shower.

754
00:55:07,359 --> 00:55:16,039
He needs a character shower because the shit that is coming out of his mouth is so abundantly bullshit that it makes me want to.

755
00:55:16,879 --> 00:55:19,499
Have you guys ever seen that movie Rock and Rollo with Gerard Butler?

756
00:55:19,739 --> 00:55:23,679
And like, uh, and Tom Hardy, like a, it's a Guy Ritchie movie.

757
00:55:23,739 --> 00:55:24,339
It's kind of funny.

758
00:55:24,379 --> 00:55:26,499
It's like a cheeky, like gangster film.

759
00:55:26,619 --> 00:55:28,719
He reminds, there's like a rock star in it.

760
00:55:28,719 --> 00:55:31,279
That's like addicted to drugs and goes missing all the time.

761
00:55:31,319 --> 00:55:32,679
He kind of reminds me of that guy.

762
00:55:32,799 --> 00:55:33,059
Dude.

763
00:55:33,119 --> 00:55:39,079
What, what, what, what bugs me about this guy is that like, he's, he's obviously not, uh,

764
00:55:39,639 --> 00:55:41,239
not like not a complete idiot.

765
00:55:41,239 --> 00:55:41,539
Right.

766
00:55:41,539 --> 00:55:45,179
I think, I think he's more so like he is just a, he is a psyop.

767
00:55:45,319 --> 00:55:49,719
Like he, it's in a way like being a shit Quinn salesman.

768
00:55:49,739 --> 00:55:54,339
where like right now his big push is that you need a, you know, wealth tax and inheritance tax

769
00:55:54,339 --> 00:55:58,939
and all these things in the UK. And I just think it's so it's, first of all, those are just

770
00:55:58,939 --> 00:56:03,659
fundamentally stupid ideas. Like those are really stupid ideas. And I think he's smart enough to

771
00:56:03,659 --> 00:56:08,379
know they're stupid ideas. Maybe he's not, maybe he's actually not. I think that he is. And I think

772
00:56:08,379 --> 00:56:12,179
that he's, he's like playing a game here, but like, dear God, you're, you're literally like,

773
00:56:12,359 --> 00:56:16,639
and not to mention the fact for anyone that doesn't know, he has been very anti Bitcoin and said,

774
00:56:16,639 --> 00:56:19,179
that Bitcoin is basically a scam.

775
00:56:19,619 --> 00:56:22,919
I'll see if I can find his stuff on Bitcoin here.

776
00:56:23,319 --> 00:56:28,319
But what bugs me about it is that even with his negativity around Bitcoin,

777
00:56:28,659 --> 00:56:30,079
he talks about all these problems.

778
00:56:30,219 --> 00:56:34,359
He talks about all these issues, the wealth disparity and all these things.

779
00:56:34,439 --> 00:56:37,379
I'm like, yeah, these are problems, right?

780
00:56:37,639 --> 00:56:40,479
But the solution that you're proposing isn't a solution.

781
00:56:40,479 --> 00:56:50,699
The solution to, you know, wealth inequality is not to implement wealth taxes and inheritance taxes, because one, an inheritance tax is just like, I think, fundamentally immoral.

782
00:56:50,919 --> 00:56:54,039
And wealth taxes just don't work because the capital just leaves.

783
00:56:54,459 --> 00:56:56,099
And like, it's just dumb.

784
00:56:56,219 --> 00:56:58,059
Like taxing unrealized gains is just dumb.

785
00:56:58,419 --> 00:57:01,079
But like, meanwhile, you've got Bitcoin staring you in the face.

786
00:57:01,899 --> 00:57:02,519
And you ignore it.

787
00:57:03,219 --> 00:57:03,559
There's one.

788
00:57:04,099 --> 00:57:04,619
Sorry.

789
00:57:05,299 --> 00:57:05,779
No, go ahead.

790
00:57:05,899 --> 00:57:06,139
Go ahead.

791
00:57:06,139 --> 00:57:12,899
there's one question we need to ask ourselves and is it is can gary bench two plates and if he can't

792
00:57:12,899 --> 00:57:16,339
then we just got to discard his opinion on everything no dude there's no chance he's

793
00:57:16,339 --> 00:57:22,259
benching benching two plates and with the with the wealth tax too there's already data like

794
00:57:22,259 --> 00:57:27,099
recent data that is screaming about that specifically in europe i mean everyone with

795
00:57:27,099 --> 00:57:33,119
money has already left at this point yeah yeah it's you would think i mean it's like the people

796
00:57:33,119 --> 00:57:34,779
who are still pro-communism.

797
00:57:35,199 --> 00:57:37,659
Like you are pro a destructive,

798
00:57:38,219 --> 00:57:41,679
an economically and societally destructive ideology

799
00:57:41,679 --> 00:57:43,179
that literally has been responsible

800
00:57:43,179 --> 00:57:45,399
for the deaths of over 100 million people

801
00:57:45,399 --> 00:57:48,799
and has failed every time it was tried.

802
00:57:48,859 --> 00:57:50,459
But like, hey, we'll do it different this time.

803
00:57:50,519 --> 00:57:52,479
It's like the same thing with like a wealth tax,

804
00:57:52,499 --> 00:57:55,699
which is basically just one step on the road to communism.

805
00:57:55,939 --> 00:57:57,699
And the same with like an inheritance tax.

806
00:57:57,799 --> 00:57:58,859
Like that's one of the things they did.

807
00:57:58,859 --> 00:58:00,519
It's like, this is coming from someone

808
00:58:00,519 --> 00:58:07,179
who is married to a woman who came from a communist country where her family on both

809
00:58:07,179 --> 00:58:08,259
sides experienced this.

810
00:58:08,379 --> 00:58:09,599
Like, this isn't just me making this up.

811
00:58:09,719 --> 00:58:11,759
Like, they confiscate possessions.

812
00:58:12,319 --> 00:58:14,319
They don't allow you to pass anything down.

813
00:58:14,579 --> 00:58:15,979
Everything is owned by the state.

814
00:58:16,099 --> 00:58:17,899
I mean, ultimately, they say it's owned by the people.

815
00:58:18,099 --> 00:58:23,559
But like, the hubris of people like Gary to think that the answer to the problems with

816
00:58:23,559 --> 00:58:26,619
government is, hey, let's give the government more power.

817
00:58:26,859 --> 00:58:28,059
Let's do more government stuff.

818
00:58:28,059 --> 00:58:30,459
Like, yeah, the government's done such a terrible job of all these things.

819
00:58:30,559 --> 00:58:34,679
So what we should do is just give them a little bit more power to tax people even more.

820
00:58:34,819 --> 00:58:36,679
And that'll somehow just magically fix it.

821
00:58:36,719 --> 00:58:39,719
It's like, I, which this is why, like, can he be that stupid?

822
00:58:39,979 --> 00:58:41,299
Like, I know he like made a lot of money.

823
00:58:41,379 --> 00:58:47,739
He's always talking about, you know, his trades and whatnot that he was making, you know, all of it because he was a math, a math expert.

824
00:58:47,999 --> 00:58:50,199
I think I need to do a different accent for him.

825
00:58:50,299 --> 00:58:51,339
That's, that was not a good one.

826
00:58:51,339 --> 00:58:58,159
But like, I don't know, can like, can he be that much of a retard or is he just like a big old psyop?

827
00:58:58,219 --> 00:59:01,199
Because it felt like he's just started getting boosted everywhere out of nowhere.

828
00:59:01,439 --> 00:59:03,399
Like, and yeah, I don't know.

829
00:59:03,519 --> 00:59:07,059
He reminds me of, you remember Will McCaskill, the effective altruist guy?

830
00:59:07,059 --> 00:59:09,559
It feels like he's the wind that guy basically.

831
00:59:09,879 --> 00:59:09,999
Yep.

832
00:59:10,159 --> 00:59:12,099
You know, and he was probably at my six.

833
00:59:12,179 --> 00:59:15,259
If you look at him, he looks like he was SPF Sandler, if you're asking me.

834
00:59:15,259 --> 00:59:30,459
But one question I have is, you know, is the fact that all the elites or the product, you know, private, the productive class leaving, does that have an effect on the politics in terms of like chat control?

835
00:59:30,459 --> 00:59:37,159
Because it seems like those are the types of people that would be smart enough and have the resources to fight chat control.

836
00:59:37,319 --> 00:59:41,179
And now it just seems like they're kind of trapped with this panopticon.

837
00:59:41,419 --> 00:59:45,779
And as you point out, that's another pillar of communism is constant surveillance.

838
00:59:46,959 --> 00:59:48,259
How does that weigh in?

839
00:59:48,479 --> 00:59:49,659
It's honestly a great question.

840
00:59:49,799 --> 00:59:51,679
The UK has got some issues right now.

841
00:59:51,679 --> 00:59:58,779
But what gives me hope in the UK is folks like Peter McCormack just deciding,

842
00:59:58,779 --> 01:00:02,779
like i'm just gonna go out and do things and i'm gonna use like i've created a lot of value in this

843
01:00:02,779 --> 01:00:07,039
world and i'm gonna go take some of that value and i'm gonna kind of like pay it back to try and

844
01:00:07,039 --> 01:00:11,199
like fix things up in my hometown because the government's not doing anything about it so like

845
01:00:11,199 --> 01:00:16,099
i'm just gonna do it like that kind of attitude that we need we need more of that and like well

846
01:00:16,099 --> 01:00:21,299
that's what actually gets shit done and moves the needles individuals deciding to make a decision

847
01:00:21,299 --> 01:00:27,979
and just fucking do things yeah and hats off to peter like i i think what you said he's heroic and

848
01:00:27,979 --> 01:00:32,499
this is one of my pet peeves about Bitcoiners sometimes is talking about what they're going to

849
01:00:32,499 --> 01:00:36,619
do when they retire. And it's like, dude, if you're, if you're under 50, like you got a lot

850
01:00:36,619 --> 01:00:41,219
of energy left and the world is broken and we need strong men. It's like, do what Peter's doing.

851
01:00:41,219 --> 01:00:46,279
Like, don't, don't take shit from anyone. Don't work a job you hate, but find some kind of like

852
01:00:46,279 --> 01:00:51,639
community service or mentorship or below market rate thing you can do that will like make the

853
01:00:51,639 --> 01:00:55,479
world better. Don't just sit on your stack. I feel like that's pretty lame. Yeah. He's,

854
01:00:55,479 --> 01:01:01,339
he's a complete boss you want to talk about the perfect debate him and gary i would love to see

855
01:01:01,339 --> 01:01:06,239
it i would love it i think he's invited him on the show like okay i think i think so and like

856
01:01:06,239 --> 01:01:11,219
you know and and for that reason maybe what do we think is who do we want to give the retard of the

857
01:01:11,219 --> 01:01:18,399
week ground to well i i said i said this to you in private outside of the show but weekly uh what

858
01:01:18,399 --> 01:01:25,339
was his name joe makes sense yeah good old joe and i told you for me gary is just the retard of

859
01:01:25,339 --> 01:01:31,879
to summer i mean i've been yeah the algorithm has been shooting out his bullshit to me all summer

860
01:01:31,879 --> 01:01:37,579
and every time i hear him speak i want to jump out a window and and part of it is because he's just

861
01:01:37,579 --> 01:01:42,479
so scummy and the way that he does it because you know that there's some young people over there who

862
01:01:42,479 --> 01:01:48,239
are struggling who are latching on to the bullshit he's saying yep yeah and also he's from britain

863
01:01:48,239 --> 01:01:54,019
and we need to reverse colonize britain so i'll vote for gary as well i'm pretty sure peter okay

864
01:01:54,019 --> 01:01:58,719
let's let you know what we'll we'll have a uh i like that characterization he gets the retard of

865
01:01:58,719 --> 01:02:03,599
the summer gary does and uh joe can have retard of the week and yeah i think peter mcormack is

866
01:02:03,599 --> 01:02:07,879
gonna pretty soon start his his own revolution in the uk like he's just gonna have a private

867
01:02:07,879 --> 01:02:11,139
mercenary force that just keeps getting bigger and bigger and bigger and then he's like well

868
01:02:11,139 --> 01:02:15,499
you know may as well maybe just maybe just topple the old crown who can who can say

869
01:02:15,499 --> 01:02:21,379
he's got the skull and bones logo already so just keep it going he's a he's a he's a pirate he's a

870
01:02:21,379 --> 01:02:28,219
Batman. He's yeah. Shout out to Peter. He's above all, he's a good dude. And damn, what a podcaster

871
01:02:28,219 --> 01:02:32,819
to learned a lot from from that bloke. We should wrap soon, guys. Last thing I would say is just a

872
01:02:32,819 --> 01:02:38,939
little end on that Trump did sign an executive order allowing Americans to add crypto and Bitcoin,

873
01:02:39,079 --> 01:02:46,079
you know, in their 401ks. So basically, there's a lot of, of like, passive, passive accumulation

874
01:02:46,079 --> 01:02:50,539
that may happen here. I don't want to get into this too much. But I think this is just like the

875
01:02:50,539 --> 01:02:55,819
larger theme here is that this is another acknowledgement of the fact that Bitcoin is

876
01:02:55,819 --> 01:03:00,479
like an important thing, which is here to stay. This is, you know, we're at a really interesting

877
01:03:00,479 --> 01:03:06,219
time. And I hope like I want as many plebs as possible to get exposure to Bitcoin. And if that

878
01:03:06,219 --> 01:03:10,459
becomes easier through their existing vehicles, where they may actually have a little bit saved

879
01:03:10,459 --> 01:03:14,579
up that they like can't touch for a long time, and that hopefully the government won't confiscate,

880
01:03:14,659 --> 01:03:19,459
you know, to pay off our massive, you know, $37 trillion pile of debt, but like, fingers crossed,

881
01:03:19,459 --> 01:03:24,879
but making it easier for people to get exposure to bitcoin not to crypto but to bitcoin i think is

882
01:03:24,879 --> 01:03:30,019
ultimately a great thing and so i hope we see more of that i hope we see more just like i think that

883
01:03:30,019 --> 01:03:35,179
the biggest barrier to adoption is still and always just education but luckily or unluckily

884
01:03:35,179 --> 01:03:40,339
the more that governments do really dumb stuff and obviously mismanage and bungle our economy

885
01:03:40,339 --> 01:03:44,199
and our money because they're not smarter than the free market the more people end up coming over to

886
01:03:44,199 --> 01:03:48,319
bitcoin because they realize just how broken the existing system is so whether you're running toward

887
01:03:48,319 --> 01:03:53,959
Bitcoin or away from fiat, all roads eventually lead to Bitcoin. Just depends how long it takes

888
01:03:53,959 --> 01:03:58,859
you to get there. Anything else you guys want to add to close it out? Yeah. So a lot of what we

889
01:03:58,859 --> 01:04:06,579
talked about kind of centered around plebs and people having fiat brain and how it really

890
01:04:06,579 --> 01:04:13,099
sours their ability to grasp the asset. Putting it in 401ks, I think is huge. Most of the people

891
01:04:13,099 --> 01:04:19,219
that I know, millennial, I'm 35 years old. So everyone I know has a 401k. They don't know

892
01:04:19,219 --> 01:04:24,239
what's in it. 90% of them don't know what they're buying. They don't care. So even though the

893
01:04:24,239 --> 01:04:28,499
education is a barrier, simply by it getting put in there without them even knowing about it,

894
01:04:28,639 --> 01:04:33,899
it's going to help them out in the end. And I think that's good. It could be an extremely

895
01:04:33,899 --> 01:04:37,479
liberating point in time when we look back on it. Jim, what about you?

896
01:04:38,139 --> 01:04:43,059
Yeah. I mean, on this story, I don't really understand the mechanics. I don't get how it's

897
01:04:43,059 --> 01:04:47,779
too different from the etf like are they going to do in-kind redemptions like i'm not really sure

898
01:04:47,779 --> 01:04:53,719
how that works like it seems like your 401k would have to have infrastructure to custody the asset

899
01:04:53,719 --> 01:04:59,119
so i'm not totally sure how that changes things i mean it's good that it's allowed but for me it's

900
01:04:59,119 --> 01:05:03,779
kind of a nothing burger because it's like we need we need like legislation to affirm things

901
01:05:03,779 --> 01:05:09,699
we still need to affirm like the brca like that's the biggest thing for me is making sure we affirm

902
01:05:09,699 --> 01:05:13,539
people's right to write open source software without fear of prosecution,

903
01:05:14,119 --> 01:05:15,499
write privacy tools,

904
01:05:15,959 --> 01:05:16,759
write to encryption,

905
01:05:16,959 --> 01:05:17,939
write to self custody.

906
01:05:18,099 --> 01:05:19,999
Like those things are the most important to me.

907
01:05:20,239 --> 01:05:21,299
And for me,

908
01:05:21,299 --> 01:05:24,219
it's like less about having favors from the government,

909
01:05:24,219 --> 01:05:28,739
more just running out the clock and not letting them fuck with us this early.

910
01:05:28,999 --> 01:05:29,199
You know?

911
01:05:29,879 --> 01:05:29,939
Yeah.

912
01:05:30,359 --> 01:05:30,579
Yeah.

913
01:05:30,799 --> 01:05:31,239
It's,

914
01:05:31,299 --> 01:05:32,119
it's basically like,

915
01:05:32,179 --> 01:05:32,479
let's,

916
01:05:32,659 --> 01:05:32,819
you know,

917
01:05:33,139 --> 01:05:36,879
I think we're a Bitcoin is still the Trojan horse for freedom that is making

918
01:05:36,879 --> 01:05:39,619
its way into the kind of the gates of government and wall street.

919
01:05:39,699 --> 01:05:42,719
Like it's not, it's like the, you know, like I'm not trapped in here with you.

920
01:05:42,719 --> 01:05:44,079
Like you're trapped in here with me thing.

921
01:05:44,079 --> 01:05:45,879
Like that's like, and that's Bitcoin.

922
01:05:45,979 --> 01:05:49,119
And, you know, American HODL has said this a bunch, but he's like, you know, guys, like

923
01:05:49,119 --> 01:05:50,079
we're in the gates right now.

924
01:05:50,079 --> 01:05:51,199
Like we're in the belly of the horse.

925
01:05:51,199 --> 01:05:55,079
Like we're inside, you know, the Citadel, like we just got to shut up and like keep

926
01:05:55,079 --> 01:05:56,379
quiet for a little bit longer.

927
01:05:56,579 --> 01:05:59,439
And then, you know, we'll go out and do our thing once everyone's passed out.

928
01:05:59,499 --> 01:06:05,259
But, but yeah, I'm very, I'm very ultimately hopeful for the future because like, it's

929
01:06:05,259 --> 01:06:09,379
just wild that the Overton window has shifted so much that these things are just being talked

930
01:06:09,379 --> 01:06:13,319
about like very normally now. This isn't like a friend. Bitcoin isn't some fringe thing anymore.

931
01:06:13,399 --> 01:06:17,259
This is like, it is, you know, it's mainstream. Like, you know, your favorite band went mainstream,

932
01:06:17,259 --> 01:06:21,019
like you knew about them before they were cool, but like a lot of people have heard of them now.

933
01:06:21,279 --> 01:06:28,119
But yeah, I think as, as a, a core cohort of toxic Bitcoin maximalists, we still have a lot

934
01:06:28,119 --> 01:06:31,639
of work to do. There's a lot of education still to do, and there's a lot of orange pilling still

935
01:06:31,639 --> 01:06:35,599
to do, but ultimately it's like, you have to orange pill yourself. So the best thing we can

936
01:06:35,599 --> 01:06:40,359
do is just like be there to educate people when they're ready and know that that may still take a

937
01:06:40,359 --> 01:06:46,599
while but appreciate both you guys coming on here uh this was the first one of uh what i hope will

938
01:06:46,599 --> 01:06:51,019
will be a regular thing but yeah appreciate your guys time another shout out to ben justman because

939
01:06:51,019 --> 01:06:56,919
i'm just enjoying his wine and it's surely making this little news recap even just more enjoyable so

940
01:06:56,919 --> 01:07:00,939
appreciate both of you guys you want to just let people know where they can find you or just uh

941
01:07:00,939 --> 01:07:04,499
show anything you're working on real quick since you're both here yeah for sure like i said i'm

942
01:07:04,499 --> 01:07:06,339
I'm still rucking for a Bitcoin job.

943
01:07:06,339 --> 01:07:09,679
So check me out on X at Beef Toshi.

944
01:07:10,819 --> 01:07:12,219
Spell it how it sounds.

945
01:07:12,739 --> 01:07:17,699
I'm also constantly dropping GIFs and sassy little replies to people.

946
01:07:17,899 --> 01:07:18,859
So come talk to me.

947
01:07:18,939 --> 01:07:21,339
I love talking about Bitcoin and I love orange billing people.

948
01:07:21,419 --> 01:07:21,959
So let's talk.

949
01:07:22,539 --> 01:07:23,259
Are you on Noster yet?

950
01:07:23,979 --> 01:07:24,379
I am.

951
01:07:24,439 --> 01:07:25,919
I'm on Noster with the same name.

952
01:07:26,339 --> 01:07:26,659
Okay.

953
01:07:27,019 --> 01:07:28,299
Just fired it up recently.

954
01:07:28,599 --> 01:07:31,199
So I'm still building out the structure there.

955
01:07:31,359 --> 01:07:31,919
There we go.

956
01:07:32,039 --> 01:07:32,519
There we go.

957
01:07:32,879 --> 01:07:33,059
Jim?

958
01:07:33,059 --> 01:07:39,019
Yeah, I'm Uncle Jim 21 on Twitter and Noster. And, you know, I'm building on AI. I'm basically

959
01:07:39,019 --> 01:07:44,319
trying to make AI as based and Bitcoin friendly as possible. So building modular systems,

960
01:07:44,439 --> 01:07:49,539
building, pull that up, jamie.ai to get the massive propaganda machine going and doing all

961
01:07:49,539 --> 01:07:53,619
kinds of other like AI consulting stuff. Love it. Well, appreciate it. Thanks to everybody who

962
01:07:53,619 --> 01:07:58,759
tuned in on the Noster only live stream. If you're listening to this later, you should have listened

963
01:07:58,759 --> 01:08:03,599
to it on Noster. So what are you doing? But appreciate both you guys. Appreciate your time.

964
01:08:03,959 --> 01:08:08,979
Grateful for Bitcoin for bringing people like us together. And yeah, let's do it again soon. Peace, guys.